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CHFA “Time To Own” Program Available at Chelsea Groton Bank

Chelsea Groton is one of 12 lenders in Connecticut participating in the CT Housing and Finance Authority (CHFA) “Time To Own” forgivable down payment assistance program.

The “Time to Own” program is being administered by CHFA on behalf of the Connecticut Department of Housing. The program offers down payment and closing cost assistance to low- and moderate-income first-time homebuyers who apply to CHFA’s First-Time Homebuyer program. Eligibility is contingent on being approved for and receiving a CHFA first mortgage loan.

Eligible homebuyers may also take advantage of the CHFA Down Payment Assistance (DAP) loan, in addition to the Time To Own – Forgivable Down Payment Assistance loan program.

“This program couldn’t have come at a better time for prospective homebuyers in the state of CT,” shared Matt Morrell, VP, Retail Lending Sales Manager at Chelsea Groton Bank. “Rates are rising, and low home inventory has meant many people are being priced out of buying. This program will provide an opportunity for low- and moderate-income individuals to be able to afford that home purchase. We’re happy to be able to offer this program to members of our community.”

In addition to this program, Chelsea Groton offers other affordable lending products through CHFA, the Veterans Administration (VA), Federal Housing Administration (FHA), US Department of Agriculture (USDA) and down payment assistance and grant programs, including FHLB Equity Builder, HDF SmartMove, and CHFA DAP.

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A graphic of a green house with a blue roof and black clock hands above blue and green text that  reads "TIME TO OWN"